FxWirePro: USD/TRY retreats from 1-1/2 year peak, fails to sustain gains above 6.7000
Thursday, April 2, 2020 10:55 AM UTC
- The Turkish Lira nudged up after falling to a 1-1/2 year trough earlier in the session.
- Economists say Turkey is on the verge of another possible recession as the fallout from the coronavirus is expected to hurt exports, tourism and domestic demand in the near-term.
- USD/TRY is trading 0.5 percent lower at 6.6659, having hit a high of 6.7114 earlier, its highest since September 2018.
- Momentum indicators are bearish on hourly charts.
- Immediate resistance is located at 6.7280, any close above could take it above 6.7315.
- On the downside, support is seen at 6.6243 and break below could take it near 6.6085.